Societe Generale’s digital asset subsidiary, SG Forge, has recently unveiled the launch of a stablecoin on Ethereum that’s pegged to the euro, known as EUR CoinVertible.
Only institutional investors who comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements will be able to access the stablecoin.
The EURCV Stablecoin
The official press release states that EUR CoinVertible, which is based on the Ethereum blockchain, will be traded under the ticker symbol EURCV.
Designed to bridge the gap between traditional capital markets and digital assets, this stablecoin is being hailed as the first public blockchain stablecoin issued by a subsidiary of a global systemically important bank (G-SIB).
EUR CoinVertible caters to clients’ increasing needs, such as settlement assets for on-chain transactions, corporate treasury solutions, cash management, cash pooling activities, on-chain liquidity funding and refinancing solutions, as well as the purpose of intra-day liquidity needs.
SG Forge emphasizes that EUR CoinVertible adheres to banking, legal and regulatory standards, such as the open-source interoperability and securitization frameworks of Compliant Architecture for Security Token (CAST). The stablecoin has also undergone an audit by professional services network PwC.
According to Jean-Marc Stenger, SG Forge’s CEO, “This issuance is a major step” towards providing innovative solutions to the company’s clients, including those in the crypto industry, and assisting in the creation of new blockchain-based market infrastructures.
MiCA Delayed Once More
The European Union (EU) recently passed the MiCA crypto licensing framework. This makes the EU the first major jurisdiction to implement a comprehensive crypto law, covering all 27 member states, with the new regulations anticipated to take effect over the coming two years.